citybiz+ [solidcore] Secures $325M Credit Facility to Back Acquisition by L Catterton

[solidcore] has secured a $325 million senior secured credit facility to support private equity firm L Catterton’s acquisition of a majority stake in the Pilates workout fitness chain based in Rosslyn, Va. West Palm Beach, Fla.-based Comvest Credit Partners, the direct lending platform of Comvest Partners, served as the joint lead arranger.

Last September, L Catterton, based in Greenwich, Conn., signed a definitive agreement to acquire a majority stake in [solidcore] from VMG Partners, Kohlberg & Company and Peterson Partners.

Founded by Anne Mahlum, [solidcore] is a national network of fitness studios providing targeted strength training on custom-built reformers. It runs about 130 locations across 25 states and the District of Columbia. Mahlum exited the company in 2023.

Also the founder of the nonprofit Back on My Feet, Mahlum has used running as a vehicle to help those experiencing homelessness. For her work at Back on My Feet, she has been named ABC World News Person and a CNN Hero. Mahlum has run 11 marathons, one on every world continent, including Antarctica. She lives in Miami, Fla.

“[solidcore] is a leading brand in Pilates, the fastest-growing segment of the boutique fitness industry, and offers compelling historical growth, strong financial performance, and the support of a leading consumer-focused private equity sponsor,” said Nick McClelland, a managing director and co-head of Consumer & Retail at Comvest Credit Partners.

L Catterton has experience building brands in the health and wellness space. Its current and past investments include Peloton, Equinox, CorePowerYoga, Xponential Fitness and iFIT/NordicTrack.

“As an experienced investor in the fitness category, we recognize that there are few boutique studio concepts that have the consumer engagement, effective programming, and operational capabilities that [solidcore] has demonstrated, resulting in its enduring growth,” Marc Magliacano, a managing partner in L Catterton’s Flagship Fund, said last year when announcing its plan to acquire [solidcore].

“Increasingly, consumers understand that movement is medicine, with daily strength training as a key part of their regimen for living a longer, healthier life. [solidcore] fits squarely into this long-term evolution, and we believe there is significant runway ahead for expansion both domestically and internationally as more consumers discover the category and its long-term benefits,” he added.

[solidcore]’s president and CEO Bryan Myers called the deal an “incredible affirmation of the very special company that we’ve built.”